USDJPY Technical Analysis ApproachDuring this mark up, I will be providing you with a visual break down of my prediction of USDJPY! Before you take a look at this mark up, please be sure to understand that everything is color coordinated to make it easier for you to understand my prediction and perspectives of the market.
Listed below are the steps to my prediction…
1. Yellow Trend Line = Support and resistance mark up.. Helping me identify which way the mark is trending
2. Green Lines = represents the higher highs and higher lows of the market. ORRRR the lower highs, lower lows.. But in this example, it's HIGHER HIGHS, HIGHER LOWS
3. Blue = The kill zone. Where I am looking for price to make its move. Previously at 109.368 there was a massive drop to the downside.
4. Pink Box = It is a bearish candle that represents where price pushed up, testing the highs BUT!!! Ended in a more bearish position. Following a lower low, lower close of the next bearish candle.
After switching from the 1-hour time frame and viewing the RSI on the 1-day time frame, the RSI is reached the overbought conditions of the market which is a big indication that price could reverse into a sell. You can either wait until it breaks the kill zone (which consist of being disciplined and patient) or follow your own trading analysis that you think is right..
If you have any questions about my mark up, please be sure to leave comments below and I will answer your questions as quickly as possible.
Thank you!
